AXA PHILIPPINES Life and General Insurance Corp. has launched a life insurance product that covers more than 150 critical illnesses and allows up to nine claims.
Health Max Elite covers 150 critical illnesses, including 77 major and 73 minor conditions, the insurer said.
“All critical illness or most critical illness insurance products allow you to only claim once. With the Health Max Elite of AXA, you can claim up to nine times. Of those nine claims, four of those could be for major critical illness,” AXA Philippines Chief Marketing Officer Fernando N. Villar said at an event on Tuesday.
Policyholders can make claims equal to 400% of the sum insured, broken down into four claims for major critical conditions for cancer, stroke, and heart attack, two claims for covered minor critical conditions, two claims for non-listed cases requiring intensive care unit (ICU) confinement and life-saving surgery, and one claim for select pre-early conditions and mental health illnesses.
“So, the rule is, if it’s not in the list, then it’s not covered. However, in this product, if it’s not in the list and you’re in the ICU for five days or have a life-threatening surgery, you get partial coverage,” Mr. Villar said.
The plan also includes coverage for select mental health conditions such as depression requiring electroconvulsive therapy (ECT) and mild bipolar disorder.
“There’s a different degree of criticality of the illness, but we cover from the moderate condition up to the severe condition, even for those that may actually require ECT. It is the first in the market; hence, we only focus on those that are most common depending on the disease registry of the Department of Health,” AXA Philippines Critical Illness & Health Product Category Head Antonio S. Castillo said.
The product also includes coverage for the pre- and post-illness stages of certain conditions, which Mr. Villar said is also the first in the market.
“In other words, before it becomes a critical illness, if it’s still in the pre-early stage, like a benign tumor, you can already claim. Of course, not the full amount, but a partial amount” he said.
AXA Philippines’ premium income stood at P21.76 billion in 2023, with its net profit at P2.73 billion. — A.M.C. Sy